Anonymity Now Harder for Buyers; Two Miami Events Go Virtual
Jan 15, 2021 | By: LX Collection
Downtown Manhattan Condominium Launches Sales
A downtown Manhattan condominium that’s part of the larger six-acre Essex Crossing redevelopment has come to market with residences priced from $890,000 to nearly $6.7 million, New York YIMBY reports. One Essex Crossing is designed by CetraRuddy and has 83 residences featuring wide-plank European oak flooring; kitchens with taupe glossy lacquer and tabac-stained millwork cabinetry, and honed Dolomiti countertops; and primary bathrooms with Calacatta Lincoln marble countertops and flooring. Some residences also feature built-in dining tables and private outdoor space. The building sits atop the historic Essex Market and Market Line food hall, and provides access to amenities that include a gym and a sixth-floor garden with grills and recreational areas.
Penthouse at Steven Harris-Designed Building Enters Contract at $32.5 Million
A penthouse at New York’s forthcoming 109 East 79th Street has gone into contract with an asking price of $32.5 million, according to Olshan Realty’s weekly luxury market report. The 6,448-square-foot Upper East Side penthouse has five bedrooms, five and a half bathrooms, and three terraces, off the library, living room, and dining room, that total 510 square feet. The residence, one of five penthouses in the building, also features a 34-foot living room with a 20-foot ceiling. The Steven Harris Architects-designed building draws on Art Deco, midcentury, and Bauhaus design influences and will feature gracious layouts inspired by classic New York architects Rosario Candela and J.E.R. Carpenter. Sales in the 32-residence building are expected to launch publicly with Corcoran Sunshine Marketing Group this year, with closings expected in 2022.
Ritz-Carlton Residences Sale Breaks Quebec Record
The 11 million Canadian dollar ($8.64 million) deal for a 5,300-square-foot condo in Montreal’s Ritz-Carlton Residences has set the record for priciest condo sale in Quebec, Mansion Global reports. The five-bedroom, three-bathroom spread includes a double-height living room, a 1,700-square-foot wraparound terrace, and floor-to-ceiling glass windows. The seller was Sophie Desmarais, daughter of late Canadian financier and philanthropist Paul Desmarais. The buyer, who has yet to be named, purchased the property after viewing it only remotely.
“The narrative has been that everyone’s buying homes, but shying away from condos,” the property’s listing agent, Liza Kaufman of Sotheby’s International Realty Quebec, told Mansion Global. “This is going to signal to the world again that luxury condos are a good investment, and that Montreal is a safe, desired destination for the high-end buyer.”
Two Annual Arts Festivals Go Virtual This Weekend
From Jan. 14 through 17, the Miami Design Preservation League’s 44th annual Art Deco Weekend will serve up free educational lectures via Zoom about the style’s unique architectural legacy. Lecture topics include “The Real Houses of Miami Beach,” in which architect and photographer Arthur Marcus will share visuals of historically important homes in the city; as well as “Saarinen House: A Family Affair,” in which Kevin Adkisson will lead a virtual tour of famed architect Eliel Saarinen’s home in Bloomfield Hills, Mich.
Also this weekend, the 70th annual Beaux Arts Festival will peel back the curtain on the studios and creative practices of 31 artists through a series of Zoom and Instagram Live events. The virtual festival, which is free to attend, will be held on Jan. 16 and 17. A full schedule of the weekend’s events can be found on both the Art Deco Weekend’s and the Beaux Arts Festival’s websites.
U.S. Federal Law Takes Aim at LLCs Used to Purchase Real Estate
A new federal law tucked into the annual defense spending bill that went into effect on Jan. 1 aims to make it harder for anonymous real estate buyers to shield their identities behind limited liability corporations in the United States. The Corporate Transparency Act requires that an LLC’s beneficial owner, defined as the person who has “substantial control over an entity,” be identified by the applicant registering the shell company, The Real Deal reports. The law also requires that updates in beneficial owners be reported. That information is entered into a federal database viewable by lenders and law enforcement agencies, but not by the general public. The law’s goal is to crack down on money laundering through real estate and other pricey purchases, like fine art, in the U.S.